Mortgage Loan Origination Software (LOS)

OpenClose a hit at MBA Annual 2015 in San Diego

Posted by Frank Bocchino on Mon, Oct 26, 2015

The MBA Annual 2015 in San Diego was a big hit this year. The expo continues to gtrow each year showing a strong mortgage industry.

Compliance and TRID were the hot topics at the conference as expected. And it was no big surprise that the search for loan origination software that was compliant with all the regulations.

OpenClose was showing its 100% web browser-based, multi-channel LOS with wholesale, retail, and correspondent options.

Here's what other lenders said their top reasons for choosing OpenClose:

· Flexible workflow with the ability to add custom work queues
· Enhanced reporting and dashboards (OC Optics)
· Managed pricing with more than 60 Investors included in the LOS
· Imaging and document management
· System-to-system integration with top Document providers

Thanks to all who attended! Missed us?Just fill out a form and we'll call!



Topics: LOS, mortgage lender, Loan Origination, Mortgage Banks

Mortgage banking software: competitive advantage or disadvantage

Posted by Bill Mitchell on Mon, Sep 30, 2013

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Is your core mortgage banking software a competitive advantage or disadvantage…or worse, going out of business leaving you stranded?


Could this be you?

 Problem: We understand how daunting the task of selecting or replacing an LOS is. The market is slowing down, which can be the very best time to upgrade your technology.

 Answer: Leverage your business long term position by having a fully integrated lending solution, from Pre-Qual to post Closing… imaging to interim servicing…yes one system!

 Solution: At OpenClose, our process starts with your needs. Get rid of the bottlenecks and maximize pipeline profitability through seamless integration to AUS, investors, warehouse lenders and more.

 Results: The lenders that succeed as the future unfolds will be those who can quickly convert legacy systems and get back to expanding their production capacity, maintain and control fixed costs, and provide excellent customer service.

 New Call-to-Action


Topics: Mortgage Banking Software, Mortgage Banking Software, Mortgage Banks

Consumer Financial Protection Bureau Report Card: Part 3

Posted by Vince Furey on Tue, Aug 20, 2013
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Prohibitions on Financing Credit Insurance Premium

  • It will likely be 3-4 months before any potential amendments are released; I mention this simply because it demonstrates the CFPB’s willingness and desire to fully understand an issue before going live.  Originally scheduled to go in effect June 1, 2013, the rule prohibits creditors from financing premiums or fees for credit insurance products in connection with any residential mortgage loan or any open-ended credit plan secured by a principal dwelling.  This applies to credit life, disability, unemployment, credit property insurance and similar products.  The provision included vague language related to not prohibiting credit insurance or credit unemployment when premiums and fees are paid in full on a monthly basis, reasonable, the creditor is not compensated, there’s a separate insurance contract and premiums/fees are not paid to an affiliate.  This led to several interpretive questions from industry stakeholders.  The CFPB did the right thing and delayed implementation until 01/10/2014, consistent with implementation of other provisions.  Additionally, the CFPB will be publishing a proposal to seek further comments from consumers and industry stakeholders.


Qualified Mortgage Job Verification Standard

  • This was another one that makes to pitch yourself and wonder if you’re dreaming.  The ATR and QM Standards included a provision that required lender to determine a borrower’s “probability of continued employment”.  The infamous “Appendix Q” outlined the many hoops lenders needed to jump through to, maybe, adequately verify “probability of continued employment”.  But do you really know.  What is the borrower is fired 2 months later; do I kiss my safe harbor protection good-bye? Once again the CFPB brought some common sense and clarity on this topic.  Lenders must verify the borrower is employed and that the employer has no immediate plans to eliminate the position.  OK, that’s doable.


Now the 5% they got wrong…


Ability-to-Repay (ATR) and Qualified Mortgage (QM) Standards

  • In my opinion, the CFPB didn’t go far enough in their exemption of small banks and credit unions.  The 500 or fewer 1st lien loans per year are not enough loans.  Maybe if they specified 500 or fewer portfolio 1st mortgage loans.  Due to traditional means of generating fee income being decimated by the financial crisis, numerous small banks and credit unions turned to the traditional secondary market mortgage space as means to generate reliable fee income.  This has been a successful strategy for most but the need to provide non-traditional mortgage products to support their small business customers’ remains.  By limiting the exemption to those institutions funding just 500 or fewer loans per year the CFPB is substantially limiting small banks and credit unions ability to serve their small business customers and the communities they serve.
  • Interest Only Loans should have been included in the ATR and QM Standards exemption for small banks and credit unions.  While interest only financing, especially in the Alt-A and Sub-prime space, certainly contributed to financial crisis, interest only financing is still a viable product and an effective cash-flow product for self-employed borrowers.  When qualified appropriately utilizing fully amortized payments, small banks and credit unions can provide sound interest only financing and better serve the overall borrowing and cash-flow needs of their small business customers.  They should be able do so and still retain their safe harbor protections.


All in all, the recent release of final rules, clarifications and extensions are positive signs.  They demonstrate the CFPB is looking closely at the provisions included in Dodd Frank, considering their impact on the market, listening to industry stakeholders and consumers and making informed decisions related to amendment and implementation.


Vince Furey is the SVP of Lending Solutions at OpenClose, a pioneer of Software as a Service (SaaS) computing solutions for the financial industry since 1999. OpenClose, built in modern (.NET) technology is supported by mature, service-over-sales approach delivery. It provides a variety of Web-based solutions for credit unions, banks, and mortgage lenders from loan origination software, loan pricing, website design, analytics reporting, imaging and social media marketing. For more information about loan origination systems, visit OpenClose

Topics: mortgage lender, Mortgage Banks, mortgage, Consumer Financial Protection Bureau, CFPB

Mortgage Round Up from OpenClose mortgage banking software

Posted by Frank Bocchino on Mon, Dec 03, 2012
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  • Mortgage-backed securities sales rose in November to the highest levels in more than three years. Some $176 billion in bonds backed by fixed-rate home loans were issued in November, up from $132 billion in October.
  • Carlisle & Gallagher Consulting Group, conducted the survey of 618 U.S. consumers in September and found that one in three would consider a mortgage from retailer Wal-Mart and almost half would consider one from online payment provider PayPal.
  • And finally Bank of America has told The Wall Street Journal it will wait until at least late next year to consider raising fees on some depositors and restructuring its checking account lineup.
Speaking of raising fees, has your mortgage software company told you about its plan to raise fees? If so give us a call and do some compraitive shopping
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Topics: mortgage lending software, mortgage lending software, Mortgage Banking Software, Mortgage Banks

Mortgage Banking Round Up

Posted by Frank Bocchino on Thu, Oct 11, 2012

According to the results of the first Capital Adequacy Stress Test Report conducted by Trepp LLC., one in eight U.S. banks are at risk. This is based on the stress test’s combination of individual bank data with severely adverse inputs, which created "what-if" scenarios for earnings, capital and asset performance for a nine-quarter projection period.

Trepp evaluated the effects of stressing the balance sheets and income statements of more than 6,000 U.S. banks. It's test is modeled after the Federal Reserve Bank's Comprehensive Capital Analysis Review Stress Testing.

Meanwhile, Wells Fargo & Co. and JPMorgan Chase & Co. will post third-quarter profit buoyed by government policies intended to help borrowers. Those firms U.S. Bancorp andBank of America  may report $6.9 billion of mortgage-banking revenue in the period, a 37 percent increase from a year earlier, Christopher Kotowski, an Oppenheimer & Co. analyst, said in a research note.   

Finally, mortgage rates increased following a better than expected jobs report for the month of September. The benchmark 30-year fixed mortgage rate increased to 3.59 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.

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Topics: Mortgage Banks

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